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Thread: Romney's Tax Plan

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    JackFinfan's Avatar
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    Romney's Tax Plan

    I didn't catch this part of the debate, I just saw a clip. Is it true that Ryan stated that they'll decrease tax rates by 20 %, make it deficit neutral, and they wouldn't touch middle class deductions in order to do it?
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    TheWalrus's Avatar
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    The Republicans have been making up tax figures for thirty-plus years. It isn't anything new.
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    Even worse, they won't specifically identify any of the deductions or loopholes they'd eliminate.
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    Quote Originally Posted by TheWalrus View Post
    Spit take'd my beer with that. Well played sir.

    Romney campaign has promised the world but hasnt been able to detail anything about their promises. I gave up with realistic expectations months ago. Im not sure why you(the OP) were expecting anything new. Romney ran over Obama with false promises and fake claims in his debate, not surprised Ryan did the same.

    Honestly, im waiting for Romney to promise to single handedly patrol the Middle East as Iron Man. That i could get behind.
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    all politicians channel Merlin when they run for office? Remember one promising to halve the deficit, get unemployment down to 6% and bring transparency and bi-partisanship to Washington?



    Fat, drunk and stupid is no way to go through life
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    Quote Originally Posted by JackFinfan View Post
    Even worse, they won't specifically identify any of the deductions or loopholes they'd eliminate.
    I maybe missing something, and you could possibly educate me. But I don't really see a great importance in knowing which deductions and loopholes are eliminated. Sure be interesting to know but if these as stated, are only effecting the very rich and at the same time makes these people responsible for more of their taxes in which the revenue they've paid in the past will not decrease one bit. Romney has stated that the very rich will not pay any less in tax revenue while the middle class has taxes lowered. Removing loopholes & deduction makes more profits and income taxable .... General Electric actually paid No taxes last year.....
    Lowering taxes to businesses making over 250,000 gives businesses more money for investing and the ability to hire more people. More people in the working place creates a much larger working pool of individuals who are paying their taxes thus creating more revenue and a middle class having more money for spending...
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    Quote Originally Posted by cuzinvinny View Post
    I maybe missing something, and you could possibly educate me. But I don't really see a great importance in knowing which deductions and loopholes are eliminated. Sure be interesting to know but if these as stated, are only effecting the very rich and at the same time makes these people responsible for more of their taxes in which the revenue they've paid in the past will not decrease one bit. Romney has stated that the very rich will not pay any less in tax revenue while the middle class has taxes lowered. Removing loopholes & deduction makes more profits and income taxable .... General Electric actually paid No taxes last year.....
    Lowering taxes to businesses making over 250,000 gives businesses more money for investing and the ability to hire more people. More people in the working place creates a much larger working pool of individuals who are paying their taxes thus creating more revenue and a middle class having more money for spending...
    Blind trust is fatal. If the loopholes just affect the 1% why not say so. But there are legal tax breaks for the middle class and poor which can be cut just as easily. I am not sure if that program is a national program but in Florida you have the homestead exemption. $25,000 on the value of your home are tax free. Elimination this would definitely be a tax increase. What about the tax break on your interest on your mortgage. As of right now you can deduct the interest paid from your income tax. It is a valuable small amount for lower income and the middle class. Eliminating these loopholes would kill any benefit gained by cutting the taxes of the 1%.
    He hasn't given details because he won't hurt himself and the 1%. Most of the loophole-closings come from the bottom and middle.

    Let me tell you something as a business owner who would benefit from tax breaks. If I need employees I hire them because I need them not because of tax breaks. Taxes are never an issue if I hire someone or not. Hiring people because of tax breaks is the biggest bogus proposal I have ever seen. The question is what do business owners do with the tax breaks. I am a social active business owners. My employees come first. I would leave the saved money (from tax breaks) in the company. For bad times. But I do know that most would just take the money as an income increase for themselves.
    Another thing you need to know. Most business categorized as small or medium are actually S-Corporations which channel their income/losses through their shareholders rather than paying separate corporate taxes. So, if you have a S-Corp family business making $500,000 a corporate tax break won't affect you as you channel losses and income to those who are legally shareholders. Now if Romney/Ryan would try to eliminate the taxes on mortgage interest (loophole), the homestead exemption (loophole) your personal income tax, despite your possible corporate losses, will increase. A tax break for corporation will only affect the top corps who are not S Corporations and the loophole closing will be in the lower brackets. Because if you want job creators to create jobs through tax cuts what sense does it make to have them pay taxes somewhere else to make it budget neutral??????
    Last edited by phins_4_ever; 10-12-2012 at 10:39 AM.
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    Quote Originally Posted by cuzinvinny View Post
    I maybe missing something, and you could possibly educate me. But I don't really see a great importance in knowing which deductions and loopholes are eliminated. Sure be interesting to know but if these as stated, are only effecting the very rich and at the same time makes these people responsible for more of their taxes in which the revenue they've paid in the past will not decrease one bit. Romney has stated that the very rich will not pay any less in tax revenue while the middle class has taxes lowered. Removing loopholes & deduction makes more profits and income taxable .... General Electric actually paid No taxes last year.....
    Lowering taxes to businesses making over 250,000 gives businesses more money for investing and the ability to hire more people. More people in the working place creates a much larger working pool of individuals who are paying their taxes thus creating more revenue and a middle class having more money for spending...
    It's important to know because people are under the illusion that a) there's enough loopholes and deductions to cover the tax rate decreases b) these loopholes can actually be eliminated. Many of the "loopholes" are due to international tax treaties. Look up "Dutch Sandwich" or "Double Irish." These loopholes can't be eliminated with ease like the GOP wants you to believe.

    When it comes to deductions, they've stated that they won't eliminate them for the middle class. Well that leaves the rich. The rich have their itemized deductions phased out, so they rarely get to itemize. So who are we eliminating the deductions for?

    The reason why they won't be specific is not because they want to wait for input from the Democrats and create a bipartisan bill (that's what Ryan said in the debate). They can't be specific because it can't be done. If they wanted to lower the rates by 5%, then I could see them pulling it off without increasing the deficit, but 20% is just insane.

    I expect both parties to make crazy promises. I also don't expect the majority of people to understand the tax code. Hell, I have a masters in taxation and work with other accountants on a daily basis, and we constantly have to research tax topics. I'm just trying to give some insight.
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    Quote Originally Posted by phins_4_ever View Post
    Blind trust is fatal. If the loopholes just affect the 1% why not say so. But there are legal tax breaks for the middle class and poor which can be cut just as easily. I am not sure if that program is a national program but in Florida you have the homestead exemption. $25,000 on the value of your home are tax free. Elimination this would definitely be a tax increase. What about the tax break on your interest on your mortgage. As of right now you can deduct the interest paid from your income tax. It is a valuable small amount for lower income and the middle class. Eliminating these loopholes would kill any benefit gained by cutting the taxes of the 1%.
    He hasn't given details because he won't hurt himself and the 1%. Most of the loophole-closings come from the bottom and middle.

    Let me tell you something as a business owner who would benefit from tax breaks. If I need employees I hire them because I need them not because of tax breaks. Taxes are never an issue if I hire someone or not. Hiring people because of tax breaks is the biggest bogus proposal I have ever seen. The question is what do business owners do with the tax breaks. I am a social active business owners. My employees come first. I would leave the saved money (from tax breaks) in the company. For bad times. But I do know that most would just take the money as an income increase for themselves.
    Another thing you need to know. Most business categorized as small or medium are actually S-Corporations which channel their income/losses through their shareholders rather than paying separate corporate taxes. So, if you have a S-Corp family business making $500,000 a corporate tax break won't affect you as you channel losses and income to those who are legally shareholders. Now if Romney/Ryan would try to eliminate the taxes on mortgage interest (loophole), the homestead exemption (loophole) your personal income tax, despite your possible corporate losses, will increase. A tax break for corporation will only affect the top corps who are not S Corporations and the loophole closing will be in the lower brackets. Because if you want job creators to create jobs through tax cuts what sense does it make to have them pay taxes somewhere else to make it budget neutral??????
    Well said. Also, something people don't realize, the U.S. effective tax rate for Corporations are pretty low compared to most countries. Yes, our marginal rates are the highest, but the effective rate is what really matters. Most European countries have an income tax and a value added tax (VAT). It's not the tax rates that drive companies overseas. Corporations go to China and other poor countries for cheap labor. You could lower the tax rate to 0 and Corporations would still send jobs overseas.
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